I am going to ask the real estate agent later, but...?

Question

I might be moving, and if that is what my husband and I decide to do, I have a question.

Is it legal, instead of selling our house, to 'give' it to a family member/friend? I understand that by not selling it we would not recieve money and such, but I'm just curious.

Answer 1

sure you can gift it to someone if you chose.  There is a hefty tax that goes with that though.  "Gift tax".  

Look into quitclaiming it to someone else and see what that involves.

Answer 2

Its legal but you would have to pay a gift tax, assuming the value is over 12K.  Still, sure go ahead and give it away if you want to (maybe you could estimate the gift tax and make that the sales price or something).

Answer 3

It's easier just to switch the mortgage into their name- which means refinancing them.  It won't cost more then a few grand.  If there is no mortgage then you just need to see a lawyer.  It's pretty easy- just all paperwork.

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